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ZWH.TO vs. HYLD
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ZWH.TO vs. HYLD

Last updated Jun 4, 2026

ZWH.TO (BMO US High Dividend Covered Call ETF) and HYLD (High Yield ETF) are both exchange-traded funds - ZWH.TO is a Derivative Income fund actively managed by BMO, while HYLD is a High Yield Bonds fund actively managed by Eve Capital. Both are actively managed. At a 0.24 correlation, their price movements are largely independent. ZWH.TO charges 0.65%/yr vs 1.29%/yr for HYLD.

Performance

ZWH.TO vs. HYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in BMO US High Dividend Covered Call ETF (ZWH.TO) and High Yield ETF (HYLD). The values are adjusted to include any dividend payments, if applicable.

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Different Trading Currencies

ZWH.TO is traded in CAD, while HYLD is traded in USD. To make them comparable, the HYLD values have been converted to CAD using the latest available exchange rates.

Returns By Period

ZWH.TO

1D
0.66%
1M
7.97%
YTD
13.86%
6M
11.86%
1Y
27.24%
3Y*
14.93%
5Y*
11.42%
10Y*
9.87%

HYLD

1D
—
1M
—
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

ZWH.TO vs. HYLD - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ZWH.TO
BMO US High Dividend Covered Call ETF		13.86%6.40%19.30%5.04%-0.57%24.20%0.19%17.18%0.10%5.95%
HYLD
High Yield ETF		0.00%0.00%0.00%3.28%-5.17%4.46%1.37%1.89%8.75%2.03%

Correlation

The correlation between ZWH.TO and HYLD is 0.24, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (3Y)
Calculated over the trailing 3-year period

0.05

Correlation (5Y)
Calculated over the trailing 5-year period

0.08

Correlation (10Y)
Calculated over the trailing 10-year period

0.20

Correlation (All Time)
Calculated using the full available price history since Feb 18, 2014

0.25

The correlation between ZWH.TO and HYLD shifts across timeframes, from 0.05 (3 years) to 0.24 (all time), reflecting how their relationship changes across market environments.

ZWH.TO vs. HYLD - Sectors Allocation Comparison

Sectors
ZWH.TO
HYLD

Technology

28.4%
34.8%

Healthcare

12.6%
5.0%

Financial Services

12.0%
0.5%

Consumer Defensive

9.4%
4.7%

Energy

9.0%
29.9%

Utilities

6.5%
1.1%

Communication Services

6.3%
10.8%

Consumer Cyclical

5.2%
9.6%

Industrials

4.7%
3.4%

Real Estate

4.2%
0.2%

Basic Materials

1.7%
0.0%

Technology

ZWH.TO
28.4%
HYLD
34.8%

Healthcare

ZWH.TO
12.6%
HYLD
5.0%

Financial Services

ZWH.TO
12.0%
HYLD
0.5%

Consumer Defensive

ZWH.TO
9.4%
HYLD
4.7%

Energy

ZWH.TO
9.0%
HYLD
29.9%

Utilities

ZWH.TO
6.5%
HYLD
1.1%

Communication Services

ZWH.TO
6.3%
HYLD
10.8%

Consumer Cyclical

ZWH.TO
5.2%
HYLD
9.6%

Industrials

ZWH.TO
4.7%
HYLD
3.4%

Real Estate

ZWH.TO
4.2%
HYLD
0.2%

Basic Materials

ZWH.TO
1.7%
HYLD
0.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

BMO US High Dividend Covered Call ETF

High Yield ETF

Often compared with ZWH.TO:
ZWH.TO vs. ZWC.TOZWH.TO vs. JEPIZWH.TO vs. XEI.TOZWH.TO vs. XDIV.TOZWH.TO vs. HMAX.TOZWH.TO vs. SCHDZWH.TO vs. PDF.TO
Often compared with HYLD:
HYLD vs. USCLHYLD vs. HMAX.TOHYLD vs. QQCL.TOHYLD vs. VOOHYLD vs. HYSHYLD vs. QYLDHYLD vs. SVOL

Return for Risk

ZWH.TO vs. HYLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ZWH.TO
ZWH.TO Risk / Return Rank: 8585
Overall Rank
ZWH.TO Sharpe Ratio Rank: 8484
Sharpe Ratio Rank
ZWH.TO Sortino Ratio Rank: 8888
Sortino Ratio Rank
ZWH.TO Omega Ratio Rank: 8383
Omega Ratio Rank
ZWH.TO Calmar Ratio Rank: 8686
Calmar Ratio Rank
ZWH.TO Martin Ratio Rank: 8787
Martin Ratio Rank
HYLD
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ZWH.TO vs. HYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BMO US High Dividend Covered Call ETF (ZWH.TO) and High Yield ETF (HYLD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

ZWH.TOHYLDDifference
Sharpe ratioReturn per unit of total volatility
2.77

—

—

Sortino ratioReturn per unit of downside risk
4.08

—

—

Omega ratioGain probability vs. loss probability

1.51

—

—

Calmar ratioReturn relative to maximum drawdown

4.81

—

—

Martin ratioReturn relative to average drawdown

18.98

—

—

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZWH.TO vs. HYLD - Sharpe Ratio Comparison

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Sharpe Ratios by Period

ZWH.TOHYLDDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.77

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.99

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.67

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.80

—

—

Drawdowns

ZWH.TO vs. HYLD - Drawdown Comparison

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Drawdown Indicators

ZWH.TOHYLDDifference

Max Drawdown

Largest peak-to-trough decline

-34.01%

—

—

Max Drawdown (1Y)

Largest decline over 1 year

-5.69%

—

—

Max Drawdown (3Y)

Largest decline over 3 years

-15.59%

—

—

Max Drawdown (5Y)

Largest decline over 5 years

-15.59%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-34.01%

—

—

Current Drawdown

Current decline from peak

0.00%

—

—

Average Drawdown

Average peak-to-trough decline

-3.11%

—

—

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.44%

—

—

Volatility

ZWH.TO vs. HYLD - Volatility Comparison

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Volatility by Period

ZWH.TOHYLDDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.46%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

7.66%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

9.91%

—

—

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

11.65%

—

—

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

14.84%

—

—

ZWH.TO vs. HYLD - Expense Ratio Comparison

ZWH.TO has a 0.65% expense ratio, which is lower than HYLD's 1.29% expense ratio.

Dividends

ZWH.TO vs. HYLD - Dividend Comparison

ZWH.TO's dividend yield for the trailing twelve months is around 5.76%, while HYLD has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
HYLD
High Yield ETF		0.00%0.00%0.00%4.67%7.86%6.45%7.52%7.46%7.97%7.18%6.59%10.87%
ZWH.TO
BMO US High Dividend Covered Call ETF		5.76%6.22%4.87%5.71%6.03%5.64%6.59%5.97%5.66%5.46%5.57%5.31%

Frequently Asked Questions

ZWH.TO and HYLD have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, ZWH.TO is cheaper at 0.65% per year. The better choice depends on whether you care most about return, fees, risk, or income.

ZWH.TO is cheaper with a 0.65% expense ratio, compared with 1.29% for HYLD.

ZWH.TO is categorized as Derivative Income, while HYLD is High Yield Bonds. They also come from different issuers: BMO and Eve Capital. Their fees differ too: 0.65% for ZWH.TO and 1.29% for HYLD.

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